Moving beyond Bitcoin, asset managers are now eyeing towards XRP as the next big player in the ETF space. In a latest develoment, the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. notably, this is the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.
Eleanor Terrett Confirms The Legitimacy
The trust filing represents a preliminary step in the ETF launch process, preceding a formal application to the SEC.
The update was shared by Fox journalist Eleanor Terrett. Terrett also confirmed the legitimacy of the filing with WisdomTree, which manages over $100 billion in assets. Also, just recently, the organization introduced its physical Ripple ETP in Europe. The latest Delaware filing shows the firm’s growing interest in Ripple’s native token.
Additionally, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP ETFs with the U.S. SEC.
XRP Surges 10%
The news has driven a notable price surge for XRP, with its value rising over 10% in intraday trading. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.
Renowned analyst Armando Pantoja in a bullish outlook has suggested that XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s long-standing legal battle with the U.S. SEC may resolve favorably in early 2025 in line with Trump’s return and Gensler’s exit.
With SEC Chair Gary Gensler set to resign, speculation is mounting around the future of XRP ETFs, particularly due to the Ripple SEC case. Experts believe that Gensler’s departure could lead to a relaxation in regulations potentially easing the path for XRP ETFs under new leadership.
